Fortis (TSE:FTS) PT Set at C$60.00 by Bank of America

Fortis (TSE:FTS) received a C$60.00 price target from Bank of America in a research note issued on Friday, BayStreet.CA reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s target price would suggest a potential downside of 0.23% from the company’s previous close.

Several other brokerages also recently issued reports on FTS. Scotiabank raised their price target on Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Royal Bank of Canada lifted their target price on shares of Fortis from C$61.00 to C$62.00 and gave the stock a “sector perform” rating in a report on Thursday, August 1st. CIBC increased their price target on shares of Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. BMO Capital Markets boosted their price objective on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. Finally, National Bankshares increased their target price on Fortis from C$56.00 to C$62.00 and gave the stock a “sector perform” rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and an average target price of C$60.10.

Fortis Stock Performance

TSE FTS traded down C$0.34 on Friday, hitting C$60.14. 1,203,475 shares of the stock were exchanged, compared to its average volume of 1,640,386. The business’s fifty day moving average is C$58.73 and its 200 day moving average is C$55.52. Fortis has a 52 week low of C$49.82 and a 52 week high of C$62.29. The company has a market capitalization of C$29.78 billion, a PE ratio of 18.83, a P/E/G ratio of 2.80 and a beta of 0.22. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, July 31st. The company reported C$0.67 EPS for the quarter, topping analysts’ consensus estimates of C$0.65 by C$0.02. The business had revenue of C$2.67 billion during the quarter, compared to analysts’ expectations of C$2.71 billion. Fortis had a return on equity of 7.44% and a net margin of 14.35%. Research analysts anticipate that Fortis will post 3.3416115 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortis news, Senior Officer James Reid sold 19,972 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total transaction of C$1,187,493.18. 0.04% of the stock is owned by corporate insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.